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4. The government sets a price ceiling of $20. When the price is $20: a. Does this price ceiling bind? Yes b. If it binds,

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4. The government sets a price ceiling of $20. When the price is $20: a. Does this price ceiling bind? Yes b. If it binds, what is the result (shortage or surplus) in the market? If anything results, calculate it. c. Consumer surplus d. Producer surplus e. Total surplus f. Deadweight loss

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